The following year-end information is taken from the December 31 adjusted trial balance and other records of LeoneCompany.Advertising expenseDepreciation expense-Office equipmentDepreciation expense-Selling equipmentDepreciation expense-Factory equipmentRaw materials purchases (all direct materials)Maintenance expense-Factory equipmentFactory utilitiesDirect laborIndirect laborOffice salaries expenseRent expense-Office spaceRent expense-Selling spaceRent expense-Factory buildingSales salaries expense$ 67,00046,00047,00089,000990,00047,70040,800556,00083,00050,00030,00072,000173,000415,000Using the following additional information for Leone Company, complete the requirements below.Raw materials inventory, beginningRaw materials inventory, endingWork in process inventory, beginningSalesWork in process inventory, endingFinished goods inventory, beginningFinished goods inventory, endingRequired:$ 198,000203,00059,0003,227,00063,00083,00091,0001. Prepare the schedule of cost of goods manufactured for the current year.2. Prepare the current year income statement.

Answer 1. --------------------------Beginning raw materials inventory $ 198,000Add: Raw materials…

Answered: The following year-end information is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Claire Corporation's trial balance includes the following expenses: Raw materials used in production Raw materials purchased General manager salary Sales manager salary Direct labor incurred General liability insurance premium Factory rent Office lease Factory utilities Depreciation on factory equipment Assuming that this list represents all expenses for the year, what amount should Claire report as a period (non-product) expense? Select one: $5,500 6,500 50,000 30,000 130,000 a. $101,000 b. $107,500 c. $83,000 d. $74,000 3,000 24,000 18,000 12,000 14,000
The following represents the financial information for Plaza Plastics for May and June: June $636,000 Sales revenue Costs Scrap Process inspection Quality training Product testing equipment Field testing Warranty repairs Rework Preventive maintenance Legal expense for warranty claims Materials inspection Required A Required B Prevention May $ 843,000 % $ 2,160 3,040 23,940 Required: a. Classify these items into Prevention, Appraisal, Internal failure, or External failure costs. b. Calculate the ratio of the prevention, appraisal, internal failure, and external failure costs to sales for May and June. June 5,340 8,580 3,540 Complete this question by entering your answers in the tabs below. % 19,940 16,380 7,980 11,460 Calculate the ratio of the prevention, appraisal, internal failure, and external failure costs to sales for May and June. Note: Round your percentage answers to 1 decimal place (i.e., .321 as 32.1). May $ 1,870 1,920 11,880 4,500 6,480 3,240 16,830 8,730 4,500 11,340
1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20
Lawson Manufacturing Company has the following account balances at year end: Office supplies Raw materials Work-in-process $ 4,000 25,000 61,000 Finished goods 109,000 Prepaid insurance 6,000 What amount should Lawson report as inventories in its balance sheet?
Additional information: • Materials inventory (ending) - $2,800 • Work in process (ending) - $3,200 • Finished goods (ending) - $2,100 Based on the given adjusted trial balance of Cheviss Company (December 31, 2019) on the picture + additional information written above: prepare a cost of goods manufactured statement and an income statement.
The following are information related to April 2020 transaction of Magnolia company, manufacturer of ready-to-drink juice. The balances available on April 1, 2020 are the following: Raw Material Inventory: 1,000,000 and Work-in-process inventory: 2,000,000. Magnolia company uses calendar year as its accounting period. The following are data collected by the accountant for the quarter ended June 2020: a. It is magnolia’s policy to purchase raw materials amounting to half of the beginning raw materials inventory. b. The cost of goods manufacture based on the Magnolia’s cost sheets amounts to 1,125,000 c. Magnolia sold 20,000 bottles of ready-to-drink juice at a price of 150 each. d. The gross profit earned by the company from the second quarter sales is 575,000. e. The total conversion cost is 425,000. f. Upon physical count of the warehouse staffs with the supervision of the accountant, the following were obtained: Work-in-process inventory: 1,500,000 and Finished Goods inventory:…
The following are information related to April 2020 transaction of Magnolia company, manufacturer of ready-to-drink juice. The balances available on April 1, 2020 are the following: Raw Material Inventory: 1,000,000 and Work-in-process inventory: 2,000,000. Magnolia company uses calendar year as its accounting period. The following are data collected by the accountant for the quarter ended June 2020: a. It is magnolia’s policy to purchase raw materials amounting to half of the beginning raw materials inventory. b. The cost of goods manufacture based on the Magnolia’s cost sheets amounts to 1,125,000 c. Magnolia sold 20,000 bottles of ready-to-drink juice at a price of 150 each. d. The gross profit earned by the company from the second quarter sales is 575,000. e. The total conversion cost is 425,000. f. Upon physical count of the warehouse staffs with the supervision of the accountant, the following were obtained: Work-in-process inventory: 1,500,000 and Finished Goods inventory:…
The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) $ 892 ($000) $ 964 1,510 444 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $2,896,000 and the cost of goods sold for the year was $3,078,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). Manufacturing costs: Direct materials: Materials available Direct materials used Total manufacturing costs Total costs of work-in-process 1,334 319 Cost of goods manufactured BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)
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The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) $ 732 ($000) $804 1,174 1,350 159 284 Direct materials inventory Work-in-process inventory. Finished goods inventory Direct materials used during the year amount to $1,296,000 and the cost of goods sold for the year was $1,478,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory Purchases Materials available Direct materials used Total manufacturing costs Total costs of work-in-process BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000) Cost of goods manufactured $ 732
its Skipped eBook The following information is available for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Advertising expense The amount of raw materials used in production for the year is: $ 12, 200 88,400 11, 600 780

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